Yahoo Finance Bitcoin rallies in a show strength over the past week
BTC/USD
Bitcoin traders rallied during the week, especially on Thursday as a sudden surge of money was thrown into the market. There wasn’t any news on this move, so it could be a large institutional player getting involved. The market still needs to deal with the shooting star from 3 weeks ago, which focuses on roughly $9000. I also recognize the $10,000 level above as a potential barrier. So, if you are a longer-term trader, this is a good sign, but you should recognize that this is going to be a grind higher if we can in fact get a rally going.
BTC/JPY
Bitcoin did the same thing against the Japanese yen, bouncing from the ¥700,000 level. This is a very bullish sign, but just as we have against the US dollar, we have a shooting star from 3 weeks ago that coincides with a resistance barrier in the form of ¥1 million. Beyond that, we also have a shooting star above the ¥1 million level, that extends to the ¥1.25 million level. So, that means there should be structural resistance above. That doesn’t mean we can break through it, as this was a very bullish sign. However, what it does mean is that it’s going to be a grind higher if we can get the uptrend going forward. Longer-term traders will need to show a lot of patience.
This article was originally posted on FX Empire
